Page 41 - Las Vegas LVQR Market Research Report Q1 2024

Colliers 3
Land
Las Vegas 24Q1

Residential Land Residential Sales Volume vs. PPSF

Home sales in the first two months of 2024 totaled 5,263 units, a Sales Volume ($MM) Price Per SF
17.4% increase from the same period in 2023. Home builders
pulled 2,496 residential permits in the first two months of 2024, $300.0 $25.00
up 48.2% from 2023. Multifamily developers had 9,655 units
under construction, and an additional 12,523 units planned. $250.0
$20.00
Residential land sales totaled 304 acres with sales volume of
$256.8 million in the first quarter. The average sales price of $200.0
residential land was $19.39 psf, a 31.5% increase from the $15.00 Sales Volume
average price of $14.75 psf one year ago. Price Per SF $150.0
Residential land sales were strongest in the Summerlin (88.5 $10.00
acres), Henderson (74.7 acres) and Southwest (67.7 acres) $100.0 ($MM)
submarkets this quarter. The Summerlin submarket had the
highest sales price for residential land, at $30.55 psf. $50.0 $5.00
With median home prices, both new and existing, remaining
elevated, home builders have ample motivation to build, and thus $0.0 $0.00
to purchase residential land for future developments. 23q1 23q2 23q3 23q4 24q1
Forecast Source: Colliers International

While demand for commercial and industrial-zoned land was not
terribly strong ove the past year, demand for residential-zoned
land appeared to be recovering. We think residential-zoned land
will continue to dominate the land market through 2024.

Market Health

Data Point 20q1 21q1 22q1 23q1 24q1
Commercial Building Occupancy 90.9% 90.1% 91.8% 92.9% 93.0%

Commercial Future Development (Acres) 846.92 808.61 709.58 168.38 1,018.89
Hospitality Occupancy 70.8% 34.8% 69.7% 83.2% 83.0%
Hospitality Future Development (Acres) 271.09 95.75 104.02 80.26 17.92

Industrial Building Occupancy 95.6% 94.5% 98.3% 98.5% 95.2%
Industrial Future Development (Acres) 1,524.25 1,535.42 3,790.62 1,483.65 6,512.80
New Home Sales (Units) 2,387 2,732 3,060 2,486 n/a

Taxable Sales ($ billions) $10.46 $11.56 $14.26 $15.49 n/a
Employment (000's) 1,083.6 979.6 1,046.5 1,094.2 1,130.7

Source: Colliers International

Colliers | Las Vegas | 24Q1 | Land Report